Ford to Manufacture Some Parts In-house
For decades, Detroit automakers have outsourced parts work — from axles to cup-holders — to suppliers that employ thousands of workers nationwide, and increasingly, in low-cost countries such as Mexico and China. The suppliers develop and build the parts. Then they ship them back to the automakers, where they are assembled into shiny new Ford F150 pickups and Chevrolet Malibu sedans.
Visteon Announces Fourth Quarter and Full-Year 2007 Results
Visteon has announced fourth quarter and full-year 2007 results. For fourth quarter 2007, Visteon reported a net loss of $43 million, or 33 cents per share, on sales from continuing operations of $2.9 billion. The fourth quarter net loss includes $30 million of non-cash asset impairments and $32 million of restructuring expenses that were not eligible for reimbursement from the escrow account. For fourth quarter 2006, Visteon reported a net loss of $39 million on sales from continuing operations of $2.8 billion. EBIT-R, as defined below, for fourth quarter 2007 was $15 million, an improvement of $52 million over the same period of 2006.
Record Sales, Savings Propel Goodyear 2007 Gains
AKRON, OH — Goodyear Tire & Rubber Co. posted record sales of $19.6 billion for 2007, it reported this morning, up 5 percent vs. 2006, and net income for the year came in at $602 million, up from 2006’s loss of $330 million. Company officials credited cost-cutting efforts, as well as pricing and mix improvements
Delphi Bankruptcy Exit in Jeopardy
A plan by auto parts supplier Delphi Corp. to exit bankruptcy by the end of next month is in jeopardy as it struggles to get $6.1 billion in loans in the tight credit market. If the company does not secure the exit financing it needs by the end of March, equity investors led by hedge fund Appaloosa Management LP could abandon a deal to invest as much as $2.55 billion. The deal is crucial to Delphi’s ability to emerge from Chapter 11 protection.
Online Registration Open for ASA Annual Convention
Online registration for the Automotive Service Association’s (ASA) 2008 Annual Convention is now available by visiting www.ASAshop.org/Annual08. The convention will be held May 1-3 at the Hyatt Regency in Santa Clara, CA. Attendees may use the secure online form to register for a variety of activities, including two management seminars, ASA’s Celebration of Excellence, housing accommodations and an optional tour of Winchester Mansion.
Yokohama Tire Corp. Names New President
Yokohama Tire Corporation (YTC) has announced changes in senior management roles and responsibilities, which will be effective April 1. Norio Karashima, current president and CEO of YTC, will return to Yokohama Rubber Co. (YRC) corporate headquarters in Japan to assume an increase in responsibilities. As managing corporate officer, Karashima will be based in Tokyo, where he will take on global responsibility over YRC’s Off-the-Road Tire and Aircraft Tire Division, Tire Logistics Division, and as general manager of Tire Planning Division. He will also retain his duties in charge of Tire North America Business Department and as president of Yokohama Corporation of America.
Tenneco Wins New Emission Control Business with Ford
Ford Motor Company has awarded Tenneco new hot-end emission control business on vehicles launching in model-year 2009 and 2010. Tenneco is a strategic supplier to Ford as a member of the company’s Aligned Business Framework supplier group. Tenneco will supply components (including catalytic converters) that make up the "hot end" of the exhaust system for the Ford F-150 light-duty truck (introduced at this year’s North American International Auto Show), Ford Expedition, Lincoln Navigator and the Ford Econoline vehicles.
Lear Establishes Global Operating Structure for its Seating, Electrical and Electronic Businesses
SOUTHFIELD, MI — Lear Corp. has announced it is establishing a global operating structure for its two business groups. In conjunction, Louis Salvatore has been appointed president, Global Seating Systems, and Raymond Scott has been named president, Global Electrical and Electronic Systems. In their new roles, Salvatore and Scott will continue to report to Lear
Speaker Line-up Announced for AASA Vision Conference
The Automotive Aftermarket Suppliers Association (AASA) has announced a stellar line-up of speakers and presentations for its Vision Conference 2008, which begins Friday, Feb. 29, and concludes on Saturday, March 1, at the Swan and Dolphin Resort, Orlando, FL.
Polk Inventory Efficiency Award Goes Global
R. L. Polk & Co. is inviting all aftermarket organizations to apply for the 2008 Polk Inventory Efficiency Award. The Polk Inventory Efficiency Award recognizes and rewards outstanding process improvements relative to inventory efficiency in the automotive aftermarket. The purpose of this award is to educate, inspire and motivate the industry to address one of the largest problems it faces. To win, the initiative must pertain to a project within any global operations. Eligible projects must also have been implemented within the past 30 months; have a measurable business impact; be innovative; and improve processes and/or collaboration.